Market Technician Sees XRP Hitting $1.68 if This Happens

Market analyst Jonathan Carter believes that XRP could reach $1.68 in the mid-term if it can break out of a multi-year symmetrical triangle pattern. XRP has been in a downtrend since April 2021, resulting in lower highs and the formation of a symmetrical triangle with a strong resistance level at the upper trendline. However, Carter predicts that this downward trend will soon end, pointing to XRP’s price movements over a weekly timeframe and the recent retest of the lower trendline. He suggests that a breakout above the triangle could lead to a bullish signal, with mid-term targets at $0.93 and $1.68. Carter’s analysis takes into account the recent drop in XRP’s price, which resulted in a retest of the triangle’s support. He believes that this upcoming price upswing could help XRP break the upper trendline, potentially leading to substantial gains. Should this scenario play out, Carter expects XRP to first reach the $0.93 level, its highest value in two years. From there, he projects a higher mid-term target of $1.68. Currently trading at $0.5362, XRP would need to rally by 213% to reach the $1.68 target, which is seen as achievable within the current market cycle. Carter also highlights the low MVRV Ratio of XRP, indicating that the current market price might be undervalued compared to the average price at which coins were last moved. The XRP Commodity Channel Index (CCI) on the 1-hour chart further supports the undervaluation signal. Overall, Carter’s analysis suggests a bullish outlook for XRP in the mid-term.